Press Release Source: Scanbuy, Inc.
Scanbuy, Inc. Hires Industry Veteran Jonathan Bulkeley as CEO
Tuesday December 12, 3:04 pm ET
Secures $9 Million Series B Funding Led by Longworth Venture Partners, Masthead Venture Partners and Hudson Venture Partners
NEW YORK, Dec. 12 /PRNewswire/ -- Scanbuy, Inc. (www.scanbuy.com), a global provider of wireless commerce solutions, today announced the recent hiring of industry veteran Jonathan Bulkeley as Chief Executive Officer. The company also announced that it completed $9 million in Series B financing. Longworth Venture Partners, Masthead Venture Partners and Hudson Venture Partners led the round, with participation from existing angel investors.
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Mr. Bulkeley brings twenty-three years of management experience to the company, having served in leadership roles for several dominant industry players in media and e-commerce. Bulkeley was previously the CEO of barnesandnoble.com, growing sales from $71 million to over $200 million, and overseeing its IPO, which at the time was the largest Internet IPO in history. Prior to bn.com, Bulkeley served as Managing Director of AOL's joint venture with Bertelsmann Online in the U.K. and as AOL's Vice President of Business Development in the U.S., where he built AOL's first advertising sales team and ecommerce stores. Bulkeley currently sits on the Board of Directors of the Readers Digest Association (RDA) and Spark Networks, PLC (LOV). He also served on the Board of Directors of IGN Entertainment which was sold to News Corporation last year.
The funds will escalate growth of Scanbuy's go-to-market efforts, extend its standard 1D and 2D bar code technology leadership in mobile marketing, and expand its operational capabilities to support growing worldwide adoption of the company's solutions designed to provide a range of information and services to consumers via their mobile devices.
"We were pleased by the interest level from the investment community and we are excited to have Longworth Venture Partners, Masthead Venture Partners and Hudson Venture Partners as our partners due to their extensive industry experience with Internet and mobile technologies," said Jonathan Bulkeley, CEO of Scanbuy. "Scanbuy has developed a unique mobile tag-enabled solution for mobile commerce and mobile marketing that creates huge opportunities for mobile carriers, manufacturers and content providers/marketers to enable enhanced consumer navigation of the physical world. I am excited to be leading Scanbuy and to once again be part of revolutionizing consumer media."
"We are thrilled to have Jonathan Bulkeley leading the Scanbuy team. His experience, vision and credibility are exactly what the company and the industry need to bring this technology to the mass market," said Nilanjana Bhowmik, partner at Longworth Venture Partners. "We see the solutions offered by Scanbuy as a global opportunity because of the growing interest in the use of 1D and 2D bar codes in a wide variety of consumer applications."
"We are seeing huge growth in the mobile marketing arena worldwide and Scanbuy is the clear leader in making it easy for consumers to fully utilize these enhanced services via their wireless phones," said Steve Smith of Masthead Venture Partners. "Masthead welcomed the opportunity to work with the Scanbuy team to help take the Company to its next level of success."
Scanbuy
Scanbuy (www.scanbuy.com) is a global provider of mobile solutions allowing consumers to access mobile commerce and mobile marketing services in a simple and intuitive way. Scanbuy's barcode-capture technology and services platforms are designed for handset manufacturers, wireless carriers, content providers and retailers to enable swift navigation from the handset to the physical world. Scanbuy is widely acknowledged as the leading solution provider in this emerging market which displays strong growth potential for the consumer wireless market throughout the world. Founded in New York in March 2000, Scanbuy is led by a pioneer in media and e-commerce and has a strong intellectual property portfolio with over 25 patents filed in the US and internationally since 2001. Scanbuy made Fortune's 2005 list of "25 Breakout Companies" and the "Top 100 Companies in North America" in Red Herring in 2006. The company's investors include Longworth Venture Partners, Masthead Venture Partners and Hudson Ventures. For more information please contact Kate Berg at 914 509 5166 or at: kate.berg@scanbuy.com.
Longworth Venture Partners
Longworth Venture Partners (www.longworth.com) is a Boston-based venture capital firm that invests in early-stage software, internet, and media companies. For over twenty years, the Longworth team has founded, built, and led investments in some of the most innovative and successful technology companies. The firm combines a proven track record of entrepreneurial and operating success with top venture investing performance to support entrepreneurs in building the next generation of technology leaders.
Masthead Venture Partners
Masthead Venture Partners (www.mvpartners.com) is a venture capital firm focusing on early-stage technology companies, primarily in software, internet infrastructure, communications technology, and IT-intensive life sciences. The Masthead approach leverages the experience and networks of its partners, who have spent an aggregate of more than ten decades operating and financing companies from founding to public offerings. Masthead seeks to invest in and build exceptional, technology-based companies that solve big problems in rapidly growing markets, by matching great technologies with unmet market needs, assembling outstanding management teams, and taking an active role in driving the growth of the enterprise.
Hudson Venture Partners
Hudson Venture Partners (www.hudsonptr.com) is a New York venture capital firm with over $170 million of capital under management. The firm's partners have decades of experience in operating and growing technology companies, and have successfully managed every phase of a company's life cycle. Their expertise enables them to add value in both leading investment syndicates and co-investing with other venture funds. Hudson Ventures invest primarily in early stage technology companies in the Northeast. The firm's focused geographic strategy supports a close working relationship with its portfolio companies and helps to facilitate their rapid growth.
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Source: Scanbuy, Inc.
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